Electric vehicle maker Tesla's shares fell as much as 4.5 per cent at the start of trading on Monday after Elon Musk's Twitter followers largely voted in favour of the company’s billionaire chief executive and co-founder selling 10 per cent of his holdings.
The stock of the fifth-largest publicly traded company in the US dropped nearly 7 per cent in premarket trading on Monday and was trading at $1,167.96 at 9.50am New York time.
Mr Musk had asked his 62.8 million followers on Saturday to vote in a poll on whether he should sell 10 per cent of his Tesla holdings. Voting closed on Sunday.
“Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10 per cent of my Tesla stock,” he had said on Twitter.
“I will abide by the results of this poll, whichever way it goes."
As of June 30, Mr Musk holds nearly 170.5 million shares of Tesla, valued at almost $200bn. His 10 per cent shares will be worth nearly $20bn.
The world’s richest person proposed this move in a tweet citing discussions about wealthy people hoarding unrealised gains to avoid paying taxes.
Mr Musk was calling into question the Democrats' “billionaires' tax”, which seeks contributions from America's most affluent by taxing their “tradable assets".
The proposed tax is expected to help fund US President Joe Biden’s ambitious social policy and climate change legislation.
“Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock,” Mr Musk said.
“It seems that the crowd thinks he [Mr Musk] should sell some stock and pay taxes," Neil Campling, co-head of Mirabaud Securities' Global Thematic Group, told The National.
"Last time we checked, taxes were not optional and the tax bill on his options will be over $10bn in due course anyhow, so the whole thing is a theatrical stunt.
“As he [Mr Musk] said in September, although nobody listened at the time, ‘I will have to sell a lot of stock in Q4’ … so here we are. A stock sale seems imminent/likely."
Mr Campling said the recent poll has been having a “depressing effect” on the share price so “there is probably some sense in getting it done quickly and getting it over with”.
Mr Musk this month engaged in a heated debate with David Beasley, director of the UN's World Food Programme, who challenged billionaires to end world hunger by giving only 0.36 per cent of their wealth in one-time donations. Mr Beasley said in a CNN interview on October 26 that only a small percentage of Mr Musk’s wealth could help solve world hunger.
Mr Musk pledged on Twitter to sell $6bn in Tesla stock and donate it to the WFP if the organisation disclosed more information about how it spends its money.
The California-based electric vehicle maker, which joined the S&P 500 index in December and overtook Toyota to become world's most valuable carmaker last year, reported a 389 per cent jump in its third-quarter net profit to $1.6bn.
The company delivered a record 241,300 vehicles in the third quarter of this year, topping analysts’ expectations of 220,900 vehicles.
The Nasdaq-listed company had received a boost last month after Florida-based car rental company Hertz confirmed that it placed an order of 100,000 vehicles from Tesla.
The news propelled Tesla's market capitalisation to above $1 trillion after its stock surged to a record high of more than $1,000 a share – about 11 years after the company went public.
The five pillars of Islam
Persuasion
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
South and West: From a Notebook
Joan Didion
Fourth Estate
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Read more about the coronavirus
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Sri Lanka World Cup squad
Dimuth Karunaratne (c), Lasith Malinga, Angelo Mathews, Thisara Perera, Kusal Perera, Dhananjaya de Silva, Kusal Mendis, Isuru Udana, Milinda Siriwardana, Avishka Fernando, Jeevan Mendis, Lahiru Thirimanne, Jeffrey Vandersay, Nuwan Pradeep, Suranga Lakmal.
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
Results
5.30pm: Maiden Dh165,000 (Turf) 1,600m; Winner: Al Battar, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer).
6.05pm: Maiden Dh165,000 (Dirt) 1,200m; Winner: Good Fighter, Richard Mullen, Satish Seemar.
6.40pm: Handicap Dh185,000 (T) 1,200m; Winner: Way Of Wisdom, Tadhg O’Shea, Satish Seemar.
7.15pm: Handicap Dh170,000 (D) 2,200m; Winner: Immortalised, Tadhg O’Shea, Satish Seemar.
7.50pm: Handicap Dh185,000 (T) 2,000m; Winner: Franz Kafka, James Doyle, Simon Crisford.
8.25pm: Handicap Dh185,000 (D) 1,200m; Winner: Mayadeen, Connor Beasley, Doug Watson.
9pm: Handicap Dh185,000 (T) 1,600m; Winner: Chiefdom, Mickael Barzalona, Salem bin Ghadayer
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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KILLING OF QASSEM SULEIMANI
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
